Ellie Mae has acquired a cloud-based intelligent sales automation system called Velocify in an effort to speed up its delivery of a true digital mortgage solution to lenders of all sizes.
Digital mortgages are a high priority for consumers who want faster mortgage application processing. A recent survey by Ellie Mae of 3,000 Millennials, Gen Xers and Baby Boomers revealed that borrowers of all generations want a mortgage experience that is fast, convenient, and secure with personal interaction.
In 2017, overall satisfaction with mortgage lenders actually declined, primarily due to what consumers view as the slow processing of online mortgage applications, according to the 2017 U.S. Primary Mortgage Origination Satisfaction Survey released by J.D. Power in November. Overall satisfaction declined by 8 points on a 1,000-point scale compared to last year.
The drop in satisfaction seems directly tied to the speed at which mortgage applications were processed. The average purchase process took close to a week longer this year than it did in 2016. The average length of the process in 2017 was 36 days, based on the study.
According to Jonathan Corr, Ellie Mae president and CEO, the Velocify acquisition will accelerate the company’s delivery of a true digital mortgage solution. “In the coming months, we will integrate Velocify’s lead management, engagement and distribution capacity with our own CRM and Consumer Connect solutions to help lenders turn consumer interest into applications through a personalized, high-tech and human-touch experience,” he said.
The new expected level of automation will help lenders to reduce time to origination and also reduce origination costs, according to Ellie Mae. However, it will be important for lenders to adjust to lower volumes, higher expectations for fast origination, and tougher scrutiny of profits.
The automation will also provide loan agents with the information they need to keep customers closely updated on loan status, which the recent surveys showed was important to mortgage consumers. In the end, when the new automation is in place, the faster mortgage processing should lead to more satisfied customers, which in turn, should help lenders to achieve better business results.
Acuity National Real Estate Solutions is a national title agency offering cutting-edge tools to help lenders reduce costs, streamline closings and increase compliance. If you’re a lender who would like more information, please contact us today!